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NNPC Pricing Change for Crude Cargoes Spooks Traders

OIL

Nigeria’s NNPC is to change how its crude cargoes are priced from next month, which may add more risk to handling its barrels, according to Bloomberg.

  • NNPC will start pricing its crude against the monthly average of dated brent, rather than the current average dated brent settlement in the five days after loading.
  • The switch will make the cargoes more prone to the volatility that affects the wider markets and may require increased hedging, traders told Bloomberg.
  • Traders also said it will be more difficult to compare Nigerian cargoes to Med, North Sea, or WTI barrels which use the five-day pricing period. This could make Nigeria’s barrels less competitive.
Energy BulletsCommodities
Energy BulletsCommodities

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